It is not an easy thing to sell your mobile home park to a potential buyer without moving a few things here and there. You have to ensure that this property of yours comes across as a very lucrative investment option to a potential buyer. And for that, you should be willing to make a few changes and take several critical steps. Let’s find out what they are:
Image by Vinzent Weinbeer
1. Get More Clarity On Your Goal For Selling The Property
When it comes to selling your MHP, you must be clear as to what your final goal is. There is quite likely a lot on your mind and it is going to complicate the sales process if you don’t sort that out on time. Ask yourself the following questions to understand your goal for selling your property in the first place:
- What do you want to achieve after having sold your park?
- Would selling your MHP be beneficial for your family, income, lifestyle, and financial status?
- What do you intend to do with the cash that you make after this sale?
- Would you opt for a lump sum amount or a monthly income stream?
- Is there anything that you owe on the property?
Remember to answer these questions before you list your property and dive into the process of selling it off to a potential buyer.
2. Is It Possible To Increase Your Market Valuation?
A lot of mobile home park owners think about this aspect before they make the final decision. To increase your market valuation, you will have to be quite clear about the state of this industry in your city. You will also have to research the demand for the type of property that you own. The best way to increase your overall market valuation is to look for a few areas of improvement such as:
3. Maintaining Proper Books And Records
The cleaner the financial records of your property are, the better are your chances of getting a higher price on it. That’s right. If you are trying to sell mobile home park, you will have to make sure that your bank deposit statements match your rent rolls always. You will also have to take care of your tax returns and try as much as possible to mitigate your expenses. Make sure that your recordkeeping is flawless because that is going to impact your sale significantly.
4. Reduce All Your Ongoing Expenses
How can you reduce your ongoing expenses on your property? You don’t have to cut corners but the trick is to be sensible with your expenses. If you do not need a landscaping contract, for example, you can always cancel it in due time. You can be more consistent and uniform with the lawn mowing and trimming activities that you had undertaken last year. If you have any overpriced cable connections or any OTT platform subscriptions that you have chosen, you can get rid of them beforehand. These little changes are going to help you reduce your overall ongoing expenses drastically and will allow you more room to spend on important aspects of your property that can increase its value further.
5. Enhance The Curb Appeal Of The Property
Is that even possible? Yes because a lot of homeowners invest in improved signage, road sealing, cleaner roof, and similar aspects of their property as they try to sell their mobile home to a potential buyer. You will also have to remove all the dead trees and clean up the mail area on time. Make sure to move all the trash away from your property. Also, any clutter that seems to have taken a major spot in front of your house or probably in the lawn area should be taken care of.
6. Listing Your Property Like A Pro
What have you thought about listing your property? You have already done what it takes to up its market value. At this point, what you need to do is connect with potential buyers. But how do you do that? You can make use of multiple listing services at the same time. You will also have to connect with several brokers in your vicinity if you want to sell your property on time. They have an extensive network of investors and buyers that you can utilize to connect with potential customers for your property.
7. Want To Give Away Your Property For Cash?
This is another way to make the most of this sale. If you can get your hand on one of the cash for property companies that readily buy mobile home parks in exchange for cash, you will find yourself in a far better position. These companies are capable of making quick payments and the entire sale takes place within a very short period. Their representatives can also have a look at your property as a part of the initial survey and will also help you out with the necessary paperwork.
8. Coming To The Paperwork Required To Sell Your Mobile Home Park
- Mobile Home Titles
You must know that mobile homes are not classified as real property. This is because they do not have a permanent foundation. A mobile home title is issued by the motor vehicle department of the state. You need to have this document with you.
- Bills Of Sale
You must also possess the evidence of the sale (which is a bill of sale) when you are trying to sell this property to a potential buyer.
- Mobile Home Taxes
Just like any other house, mobile homes are also subject to taxes. Both states and municipalities levy taxes on these properties and you must have a record of the same.
- Home Occupancy Documents
Several states require mobile homeowners to have a certificate of occupancy before they try to sell it.
Selling your mobile home can be a lot less complicated if you understand the process completely. Make sure that you follow the rules of the park when it comes to selling your unit. You must also ensure proper transport preparation before the sale takes place. This should be able to help you speed up your selling process in 2022.